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First-year students spend £3,300 each in the first 100 days of uni!

Sterling MoneyNew research by HSBC has revealed some surprising statistics about student spending, and while it may be obvious how expensive time at university can be, it may be a shock to some just how expensive the first term of university actually is!

New statistics show that first-year students on average spend £3,300 each during their first 100 days at university!

More expensive than expected

In the survey conducted by HSBC, 56% of Freshers said that they found living away from home to be more expensive than they had initially planned, while 1/3 students felt overwhelmed by having to manage their own finances. During the first 100 days of university, the average student spends 58% of their annual student loan, while as much as 20% admit to spending the entire annual loan amount in the same period.

This has led to 25% of students either borrowing money, using a credit card or diving into their overdraft before their first term has finished.

The average student will spend £626 on alcohol and nights out during the first 100 days of university, compared to £328 on materials relating to their course. Unsurprisingly, it is rent and food that takes up the most of their expenditure, with the average student paying £1,279 on rent and £670 on food.

When asked what they would do different, 33% said they would have budgeted their money better, or saved money in the months preceding their time at university, while 25% of students said they had no regrets about how they spent their money, and the amount of money that they spent.

Comparing university cities

As part of the survey, HSBC compared data from 18 major university cities, including Cardiff, to see how each one compared when it came to spending money during the first 100 days of university.

Newcastle was the city with the highest average spend, with students spending £3,725, meanwhile Cardiff came in 14th, spending £3,136.

Liverpool was the highest when it came to how much of the student loan was spent during the same period with the average student spending 68% of their loan, Cardiff came second-lowest, tied with Glasgow, at 51%.

Cardiff was also the second lowest when it came to the percentage of students who felt overwhelmed managing their own finances, with 23% saying they had felt overwhelmed, while Brighton was the city with the highest percentage at 68%.

All in all, when it comes to money, Cardiff students do pretty well!

Fresher pressure

During the first term of university, there is a lot of pressure for students to socialise and make friends, which can lead to them participating in a lifestyle more active than they are used to; when you go out every night, even if you only have a drink or two, the cost starts piling up.

The same goes when it comes to acclimatising to a new location and a new course, it’s very easy to spend money on essentials that you may have forgotten, or university supplies that hadn’t previously been accounted for.

It’s likely that most students will notice that their spending decreases as they get used to their new surroundings, and when they feel less pressure to go out all the time.

At Capital Properties we understand how expensive being a student is, that’s why we’ve created guides on earning money while studying, and how to eat healthily on a budget. If you have your own money-saving tips, let us know on Facebook or Twitter.

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